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Dominican government secures oil at US$65 per barrel

Santo Domingo.- Finance minister Simon Lizardo  on Thursday said the Dominican government bought insurance to acquire oil in international markets at a US$65 cap per barrel to protect the country from the world´s volatile crude prices.

He said the purchase was negotiated with the investment firm JP Morgan, which he affirms leads to a stable supply of oil bill and guaranteed the funds allocated as a subsidy to the electricity sector.

Lizardo told reporters that no one knows where the trend will take the current oil price, for which the Government opted to protect supply at the US$65 per barrel ceiling. “No one, including agencies knows what the behavior of oil prices will be, except the circumstances.”

The official however didn’t specify how much JP Morgan charged for the operation.

Lizardo spoke after launching the Fiscal Transparency website to guide citizens on the Government´s budget and financial transactions.

Source: DT

August 21, 2015

Category: DR News |

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Last updated October 22, 2016 at 2:00 PM
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